According to data from the Vietnam's Department of Forestry (Ministry of Agriculture and Rural Development) in the first 2 months of 2024, the export value of wood and forest products is estimated to have reached US$2,68 billion, an increase of 47% over the same period last year. The value of imports of wood and wood products in the first 2 months of this year is estimated at US$355 million, up 31% over the same period in 2023. The wood product trade surplus in the first 2 months of the year is estimated at US$2,465 billion.

According to data from the Vietnam's Department of Forestry (Ministry of Agriculture and Rural Development) in the first 2 months of 2024, the export value of wood and forest products is estimated to have reached US$2,68 billion, an increase of 47% over the same period last year.

The value of imports of wood and wood products in the first 2 months of this year is estimated at US$355 million, up 31% over the same period in 2023. The wood product trade surplus in the first 2 months of the year is estimated at US$2,465 billion.

Despite the positive trend in exports the timber industry is facing many challenges. Trieu Van Luc, Deputy Director of the Forestry Department said the impact of the conflict between Russia - Ukraine and between Israel and Hamas and shipping problems in the Red Sea is complex and unpredictable. In addition, global shows signs of slowing and consumers continue to tighten spending on non- essential products including furniture and wood products.

Adding to the challenges of the timber industries is the need to address the requirements in importing countries to ensure legality and ensure no forest degradation or deforestation.

A representative of the timber industry shared experiences on the difficulties and obstacles in importing wood raw material, processing and exporting wood products. Do Xuan Lap, Chairman of Vietnam Wood and Forest Products Association, said that in the US regulations on the origin of wood raw material are strict.He said he was aware the US Department of Commerce is amending a number of regulations on anti-dumping and anti-subsidy investigations including ways to identify previously unrecorded subsidies such as export insurance, debt cancellation and tax advantages.

According to Vietnam’s Office of Statistics W&WP exports to the Japanese market in February 2024 amounted to US$110 million, down 33% compared to January 2024 and down 23% compared to February 2023. In the first 2 months of 2024 W&WP exports to Japan earned US$273 million, up almost 1% over the same period in 2023.

Vietnam’s W&WP exports to Holland in February 2024 reached US$15 million lifting the exports in the first 2 months of 2024 to US$32.6 million, up 120% over the same period in 2023.

Vietnam’s exports of bed and dining room furniture in February 2024 soared to US$210 million, up 62% compared to February 2023. In the first 2 months of 2024 exports of these two categories of furniture earned US$474, up 90% over the same period in 2023.

Vietnam's office furniture exports in February 2024 brought in about US$24 million, up 18% compared to February 2023. In the first 2 months of 2024 office furniture exports totalled US$53 million, up 35% over the same period in 2023.

Vietnam's ash imports in February 2024 were 21,700 cu.m worth US$5.8 million, down 42% in volume and 41% in value compared to January 2024. However, compared to February 2023 there was a decrease of 29% in volume and 27% in value. In the first 2 months of 2024, ash imports reached at 73,900 cu.m, worth US$19.5 million, up 32% in volume and 34% in value over the same period in 2023.

For the EU market, the EUDR will come into force this year said Do Xuan Lap and action is needed as Vietnam's regulations on determining the origin of wood are currently not specific. Another issue for the Vietnamese timber exporters is the descision by India to apply new Standards and there is insufficient time for manufacturers to comply.